New York & Tri-State + New Jersey + Apartments | May 19, 2022

Hudson Atlantic arranged the $13.5-million sale of two neighboring pre-war apartment properties in Montclair, NJ

Hudson Atlantic Closes Sale of Two Montclair Apartment Properties

Hudson Atlantic Realty recently closed a $13,500,000 sale of two multifamily properties in Montclair, NJ which included 56 residential units and one commercial unit. Located within a short walk to both the Walnut and Bay Street train stations, the properties had been owned by the seller for the past 25 years.

Built in 1924, 10 Roosevelt Pl. consists of 27 apartments. Just around the corner is 47 N. Fullerton Ave., built in 1923, with 29 apartments in addition to a commercial space. Both properties were meticulously maintained, with large unit sizes, wood flooring, tiled bathrooms, and onsite laundry.

Adam Zweibel, managing partner at Hudson Atlantic, said, “The seller trusted us to identify the most active and aggressive buyers so they would realize the highest selling price.” The deal had some challenging aspects, created by a municipal rent control ordinance first passed by the township during COVID in April 2020.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).